8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 31, 2012

Rowan Companies plc

(Exact name of registrant as specified in its charter)

England and Wales	1-5491	98-1023315
(State or other jurisdiction	(Commission file Number)	(IRS Employer
of incorporation)		Identification No.)

2800 Post Oak Boulevard
Suite 5450
Houston, Texas	77056
(Address of principal executive offices)	(zip code)

(713) 621-7800

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

£ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

£ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 14a-12)

£ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b))

£ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))

Item 2.02 Results of Operations and Financial Condition

The following information is furnished pursuant to Item 2.02:

On October 31, 2012, Rowan Companies plc (the “Company”) issued a press release announcing its operating results for the three months ended September 30, 2012. The press release is incorporated by reference into this Item 2.02 and attached as Exhibit 99.1. 

Item 7.01 Regulation FD Disclosure

The following information is furnished pursuant to Item 7.01:

On October 31, 2012, the Company issued a press release announcing the posting of its Monthly Fleet Status Report and providing certain highlights. The press release is attached as Exhibit 99.2. The Monthly Fleet Status Report as of October 31, 2012 is attached as Exhibit 99.3. The Monthly Fleet Status Report is also available on our website at www.rowancompanies.com.

The information furnished in Items 2.02 and 7.01 and in Exhibits 99.1, 99.2 and 99.3 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit
Number	Exhibit Description
99.1		Press release announcing third quarter 2012 financial results
99.2		Press release announcing posting of monthly fleet status report
99.3		Monthly fleet status report as of October 31, 2012

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ROWAN COMPANIES plc
By:	/s/ Kevin Bartol
	Kevin Bartol Executive Vice President, Chief Financial Officer & Treasurer

Dated: October 31, 2012

EXHIBIT INDEX

Exhibit
Number	Exhibit Description
99.1		Press release announcing third quarter 2012 financial results
99.2		Press release announcing posting of monthly fleet status report
99.3		Monthly fleet status report as of October 31, 2012

EX-99.1

News Release

FOR IMMEDIATE RELEASE October 31, 2012

Rowan Reports Third Quarter 2012 Operating Results

HOUSTON, Oct. 31, 2012 /PRNewswire/ -- For the three months ended September 30, 2012, Rowan Companies plc (“Rowan” or the “Company”) (NYSE: RDC) generated net income from continuing operations of $26.4 million or $0.21 per share, compared to $31.4 million or $0.25 per share in the third quarter of 2011. 

Net income from continuing operations during the third quarter of 2012 included $28.1 million of non-recurring or unusual items, or $0.18 per share after tax, including costs associated with early redemption of MARAD debt, repairs to the EXL I due to a tanker collision, equity compensation charges related to a retiring executive, settlement costs related to the Company's frozen manufacturing pension plan and certain corporate redomestication costs, net of gains on asset disposals.  Excluding such items, net income from continuing operations was $48.8 million or $0.39 per share during the third quarter of 2012.

The third quarter results also reflect additional tax expense related to an increase in the Company's full year 2012 estimated tax rate primarily due to adjustments related to the completion of its 2011 U.S. federal tax return and changes to projected foreign and domestic earnings.  The full-year effective tax rate for continuing operations is now projected to be 2%, up from the 6% credit projected at the end of the second quarter, which resulted in increased tax expense in the third quarter of $10.6 million, or $0.09 per share.

Net income totaled $27.6 million or $0.22 per share in the third quarter of 2012, compared to $193.8 million or $1.53 per share in the third quarter of 2011, as the prior year quarter included income from discontinued manufacturing and land drilling operations of $162.4 million or $1.28 per share, including the after-tax gain on the sale of land drilling operations of $155.0 million.

Rowan's revenues were $353.9 million in the third quarter of 2012, up 51% over the prior-year quarter due primarily to incremental activity from fleet additions and higher utilization and day rates for existing rigs between periods.  The Company's operating income was $59.3 million in the third quarter of 2012, up 86% over the prior-year quarter.

Matt Ralls, President and Chief Executive Officer, commented, “While our operating revenues and earnings for the third quarter were generally in line with analysts' expectations, a number of non-recurring or unusual items negatively impacted our net income.  As we look ahead to coming quarters, we see several positive factors.  We have nine jack-ups in our active fleet with contract expirations in the next three quarters, and we expect all of those rigs to move to contracts at higher day rates.  We also expect our days off rate due to shipyard, transit and inspection time to trend lower in the fourth quarter of this year and in 2013.  Finally, for our three uncontracted remaining ultra-deepwater drillships, we continue to have serious discussions with multiple customers for long term contracts at day rates that are consistent with those recently announced for other high-end drillships.”

2800 Post Oak Blvd., Suite 5450, Houston, Texas 77056

Tel: (713) 621-7800 Fax: (713) 960-7509

Rowan will conduct its earnings conference call on Wednesday, October 31, 2012, at 10:00 a.m. Central Daylight Time.  Interested parties are invited to listen to the call by telephone or over the Internet.  Individuals who wish to participate on the conference call by telephone can dial (877) 869-3847, or internationally (201) 689-8261.  You should dial-in approximately five to 10 minutes prior to the scheduled start time.  Alternatively, to access the online simulcast and rebroadcast of the conference call, please visit Rowan's website at www.rowancompanies.com.  You should connect to our website at least 15 minutes prior to the conference call to register, download and install any necessary software.

Rowan Companies plc is a major provider of international and domestic contract drilling services with a leading position in high-specification jack-up rigs.  The Company's fleet of 31 jack-up rigs is located worldwide, including the Middle East, the North Sea, Trinidad, Southeast Asia and the Gulf of Mexico.  Rowan will enter the ultra-deepwater market with four high-specification drillships expected to be delivered starting in late 2013.  The Company's Class A Ordinary Shares are traded on the New York Stock Exchange under the symbol “RDC”. For more information on the Company, please visit www.rowancompanies.com.

Statements herein that are not historical facts are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs and future expected business, financial performance and prospects of the Company. These forward-looking statements are based on our current expectations and are subject to certain risks, assumptions, trends and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Among the factors that could cause actual results to differ materially include oil and natural gas prices, the level of offshore expenditures by energy companies, variations in energy demand, changes in day rates, cancellation by our customers of drilling contracts or letter agreements or letters of intent for drilling contracts or the exercise of early termination provisions, risks associated with fixed cost drilling operations, cost overruns or delays on shipyard repair or transportation of rigs, maintenance and repair costs, costs or delays for conversion or upgrade projects, operating hazards and equipment failure, risks of collision and damage, casualty losses and limitations on insurance coverage, customer credit and risk of customer bankruptcy, conditions in the general economy and energy industry, weather conditions and severe weather in the Company’s operating areas, increasing complexity and costs of compliance with environmental and other laws and regulations, changes in tax laws and interpretations by taxing authorities, civil unrest and instability, terrorism and hostilities in our areas of operations that may result in loss or seizure of assets, the outcome of disputes and legal proceedings, effects of the change in our corporate structure, and other risks disclosed in the Company’s filings with the U.S. Securities and Exchange Commission. Each forward-looking statement speaks only as of the date hereof, and the Company expressly disclaims any obligation to update or revise any forward-looking statements, except as required by law. 

Contact:

Suzanne M. Spera

Director of Investor Relations

(713) 960-7517

sspera@rowancompanies.com

-2-

ROWAN  COMPANIES  plc

CONDENSED  CONSOLIDATED  BALANCE  SHEETS

Unaudited  (In  Millions)

	SEPTEMBER  30,		DECEMBER 31,
	2012		2011
ASSETS
Cash and cash equivalents	$	328.3	$	438.9
Accounts receivable		403.5		283.6
Other current assets		107.8		71.6
Assets of discontinued operations		26.9		27.6
Total current assets		866.5		821.7
Property, plant and equipment - net		6,021.9		5,678.7
Other assets		100.4		97.4
TOTAL	$	6,988.8	$	6,597.8
LIABILITIES  AND  STOCKHOLDERS'  EQUITY
Current maturities of long-term debt	$	—	$	45.0
Accounts payable		90.1		111.1
Other current liabilities		138.3		167.3
Liabilities of discontinued operations		21.3		25.0
Total current liabilities		249.7		348.4
Long-term debt		1,393.1		1,089.3
Other liabilities		867.7		834.1
Stockholders' equity		4,478.3		4,326.0
TOTAL	$	6,988.8	$	6,597.8

-3-

ROWAN  COMPANIES  plc

CONDENSED  CONSOLIDATED  STATEMENTS  OF  OPERATIONS

Unaudited  (In  Millions  Except  Per  Share  Amounts)

	THREE  MONTHS						NINE MONTHS
	ENDED  SEPTEMBER  30						ENDED  SEPTEMBER  30
	2012			2011			2012			2011
REVENUES	$	353.9		$	234.7		$	1,038.4		$	664.2
COSTS  AND  EXPENSES:
Operations		188.2			129.8			558.4			345.6
Depreciation and amortization		63.0			50.3			183.3			129.3
Selling, general and administrative		25.8			22.6			73.9			65.2
Gain on disposals of property and equipment		(0.6	)		—			(2.6	)		(1.4	)
Material charges and other expenses		18.2			—			30.9			6.1
Total		294.6			202.7			843.9			544.8
INCOME  FROM  OPERATIONS		59.3			32.0			194.5			119.4
Net interest and other income		(24.4	)		(4.4	)		(58.9	)		(17.8	)
INCOME  FROM  CONTINUING  OPERATIONS  BEFORE  INCOME  TAXES		34.9			27.6			135.6			101.6
Provision (credit) for income taxes		8.5			(3.8	)		2.9			(1.0	)
NET  INCOME  FROM  CONTINUING  OPERATIONS		26.4			31.4			132.7			102.6
Discontinued operations, net of tax		1.2			162.4			(6.2	)		589.1
NET  INCOME	$	27.6		$	193.8		$	126.5		$	691.7
PER  SHARE  AMOUNTS:
Income from continuing operations	$	0.21		$	0.25		$	1.07		$	0.81
Discontinued operations, net of tax	$	0.01		$	1.28		$	(0.05	)	$	4.64
Net income	$	0.22		$	1.53		$	1.02		$	5.45
AVERAGE  DILUTED  SHARES		124.0			126.4			123.8			127.0

-4-

ROWAN  COMPANIES  plc

CONDENSED  CONSOLIDATED   STATEMENTS  OF  CASH  FLOWS

Unaudited  (In  Millions)

	NINE  MONTHS
	ENDED  SEPTEMBER  30
	2012			2011
CASH  PROVIDED  BY  (USED  IN):
Operations:
Net income	$	126.5		$	691.7
Adjustments  to  reconcile  net  income  to  net
cash  provided  by  operations:
Depreciation  and  amortization		183.3			150.2
Deferred  income  taxes		(5.1	)		(30.9	)
Gain  on  disposals  of  assets		(2.7	)		(881.2	)
Other -  net		6.8			(29.0	)
Net  changes  in  current  assets  and  liabilities		(129.2	)		190.6
Net  changes  in  other  noncurrent  assets  and  liabilities		9.9			36.6
Net  cash  provided  by  operations		189.5			128.0
Investing  activities:
Property,  plant  and  equipment  additions		(566.1	)		(1,155.1	)
Proceeds  from  disposals  of  property,  plant  and  equipment		10.6			5.5
Proceeds  from  sale  of  manufacturing  operations - net		—			1,560.5
Change  in  Restricted  cash		—			15.3
Net  cash  provided by  (used  in)  investing  activities		(555.5	)		426.2
Financing  activities:
Proceeds from borrowings		492.6			—
Repayments  of  borrowings		(238.5	)		(38.4	)
Proceeds  from  equity  compensation  plans  and  other		1.3			20.2
Payments to acquire treasury stock					(80.9	)
Net  cash  provided  by  (used  in)  financing  activities		255.4			(99.1	)
INCREASE (DECREASE)  IN  CASH  AND  CASH  EQUIVALENTS		(110.6	)		455.1
CASH  AND  CASH  EQUIVALENTS,  BEGINNING  OF  PERIOD		438.9			437.5
CASH  AND  CASH  EQUIVALENTS,  END  OF  PERIOD	$	328.3		$	892.6

-5-

ROWAN  COMPANIES  plc

SUPPLEMENTAL  OPERATING  INFORMATION

Unaudited

	THREE  MONTHS  ENDED									NINE  MONTHS  ENDED
	Sept 30,			June 30,			Sept 30,			Sept 30,			Sept 30,
	2012			2012			2011			2012			2011
RIG  DAYS:
Operating		2,130			2,217			1,576			6,435			4,721
Shipyard / transit		401			313			694			1,014			1,754
Stacked and other downtime		321			291			306			1,000			758
Total available		2,852			2,821			2,576			8,449			7,233
Utilization		75	%		79	%		61	%		76	%		65	%
AVERAGE  DAY  RATES  (in  thousands):
North Sea	$	250.2		$	234.5		$	224.9		$	237.5		$	204.9
Middle East		129.3			130.8			125.4			134.3			125.9
Gulf of Mexico		120.4			119.1			115.8			119.0			117.7
All rigs		161.5			154.0			148.5			157.3			139.3
OPERATIONS  COSTS  AND  EXPENSES  (in  millions):
Personnel (a)	$	112.8		$	113.9		$	74.3		$	331.6		$	197.6
Repairs and maintenance		34.5			32.3			32.0			105.4			75.4
Insurance		8.6			8.1			7.3			24.7			22.8
Rig moves		6.3			8.4			3.0			22.1			13.3
Rebillables (b)		9.8			9.5			1.5			25.8			6.7
All other		16.2			15.9			11.7			48.8			29.8
Total	$	188.2		$	188.1		$	129.8		$	558.4		$	345.6

(a)  Includes labor, fringes, training, travel and catering costs.

(b)  Amounts are fully offset by incremental revenues.

-6-

EX-99.2

News Release

FOR IMMEDIATE RELEASE October 31, 2012

Rowan Provides Fleet Contract Status Update

HOUSTON, TEXAS -- Rowan Companies plc (“Rowan” or the “Company”) (NYSE: RDC) announced today that its monthly report of drilling rig status and contract information has been updated as of October 31, 2012. The report titled “Monthly Fleet Status Report,” can be found on the Company’s website www.rowancompanies.com on the Home page.

Notable events in the current report include:

New Contracts/Extensions

· Joe Douglas: Awarded a contract for approximately 120 days of work in the Gulf of Mexico at a day rate in the low $160s (above its previous day rate in the low $150s) and expected to commence operations at the beginning of January 2013.

· Rowan Gorilla III: Awarded a contract for approximately 150 days of work in Trinidad at a day rate in the low $130s (flat from its previous day rate) and expected to commence operations at the beginning of January 2013.

· Rowan Gorilla II: Awarded a six month contract extension with Petronas Carigali in Malaysia at a day rate in the mid $130s (above its previous day rate in the high $110s).

Planned Off Rate Days

· Gorilla VI: Rig is expected to enter the shipyard in the 3Q 2013 for approximately 95 days for repairs and upgrades.

· Rowan California: Rig is expected to enter the shipyard in January 2013 for approximately 150 days, one month longer than previously planned, for repairs and upgrades.

The Company will not realize any day rate revenue during these periods of shipyard  downtime, and crew costs will be capitalized.

This summary is provided as a courtesy and is not intended to replace a detailed review of the Monthly Fleet Status Report. While we have attempted to include items we believe  are significant, we encourage you to review the Monthly Fleet Status Report in detail.

Rowan Companies plc is a major provider of international and domestic contract drilling services with a leading position in high-specification jack-up rigs.  The Company’s fleet of 31 jack-up rigs is located worldwide, including the Middle East, the North Sea, Trinidad, Southeast Asia and the Gulf of Mexico.  Rowan will enter the ultra-deepwater market with four high-specification drillships expected to be delivered starting in late 2013.  The Company’s Class A Ordinary Shares are traded on the New York Stock Exchange under the symbol "RDC". For more information on the Company, please visit www.rowancompanies.com.

2800 Post Oak Blvd., Suite 5450, Houston, Texas 77056

Tel: (713) 621-7800

Statements herein that are not historical facts are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs and future expected business, financial performance and prospects of the Company. These forward-looking statements are based on our current expectations and are subject to certain risks, assumptions, trends and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Among the factors that could cause actual results to differ materially include oil and natural gas prices, the level of offshore expenditures by energy companies, variations in energy demand, changes in day rates, cancellation by our customers of drilling contracts or letter agreements or letters of intent for drilling contracts or the exercise of early termination provisions, risks associated with fixed cost drilling operations, cost overruns or delays on shipyard repair or transportation of rigs, maintenance and repair costs, costs or delays for conversion or upgrade projects, operating hazards and equipment failure, risks of collision and damage, casualty losses and limitations on insurance coverage, customer credit and risk of customer bankruptcy, conditions in the general economy and energy industry, weather conditions and severe weather in the Company’s operating areas, increasing complexity and costs of compliance with environmental and other laws and regulations, changes in tax laws and interpretations by taxing authorities, civil unrest and instability, terrorism and hostilities in our areas of operations that may result in loss or seizure of assets, the outcome of disputes and legal proceedings, effects of the change in our corporate structure, and other risks disclosed in the Company’s filings with the U.S. Securities and Exchange Commission. Each forward-looking statement speaks only as of the date hereof, and the Company expressly disclaims any obligation to update or revise any forward-looking statements, except as required by law.

Contact:

Suzanne M. Spera

Director of Investor Relations

(713) 960-7517

sspera@rowancompanies.com

Page 2

EX-99.3

R O W A N    C O M P A N I E S    P L C

M O N T H L Y    F L E E T    S T A T U S    R E P O R T    A S    O F    O C T O B E R    3 1 ,    2 0 1 2

Revisions to Fleet Status Report Noted in Bold

					Contract Status
								Estimated Planned Off Rate Days (4)
	Depth (feet)		Year in			Day Rate (2)	Estimated		2012	2013
Rig Class (1) / Name	Water	Drilling	Service	Location	Customer	(in USD thousands)	Duration (3)		4Q	1Q	2Q	3Q	4Q	Priced Options	Comments ($ in thousands)
Ultra Deepwater Drillships
GustoMSC 10,000
Drillship #4 (to be named)	12,000	40,000	2015	South Korea	Available				--	--	--	--	--		Rig is contracted for construction by HHI with expected delivery at the end of March 2015.
Rowan Reliance	12,000	40,000	2015	South Korea	Available				--	--	--	--	--		Rig is contracted for construction by HHI with expected delivery at the end of October 2014.
Rowan Resolute	12,000	40,000	2014	South Korea	Available				--	--	--	--	--		Rig is contracted for construction by HHI with expected delivery at the end of June 2014.
Rowan Renaissance	12,000	40,000	2014	South Korea	Shipyard				--	--	--	--	--		Rig is contracted for construction by HHI with expected delivery at the end of December 2013.
				West Africa	REPSOL	High 610s	March 2015								Rig is contracted for a three-year global drilling term commencing in Q1 2014. Rig is expected to operate offshore West Africa during the first year at a day rate in the high 610s. In the event the rig operates in the U.S. Gulf of Mexico during years two and year three, the day rate will be in the mid 610s and mid 620s, respectively. Alternatively, if the rig operates in West Africa during years two and year three, the day rate will be in the mid 640s and mid 650s, respectively.
Cantilever Jack-up Rigs
N-Class
Rowan Norway	400	35,000	2011	Norway	ConocoPhillips	Low 350s	May 2016		30	--	--	--	--	Two one year options at higher than current day rates.	Rig is in the shipyard for contract requirements and is expected to commence operations in mid December 2012 on a three and one-half year contract with Conoco Phillips.
														Prior customer has a one year priced option in low 250s with an exercise date not later than eight months following October 6, 2012 and subject to other terms and conditions.  Any resulting rig requirement to be filled by an available rig selected by Rowan from the Super Gorilla Class or N-Class.
Rowan Stavanger	400	35,000	2011	Norway	Talisman Norway	Mid 310s	December 2012		--						In the event the rig operates in the U.K. sector of the North in 2013, the day rate will be in the mid 240s.
						Low 320s	January 2014			--
				Norway	Lundin	Mid 340s	August 2015							In the event the contract extends beyond 1000 days, the day rate increases to the mid 360s for the first 500-day extension and to the mid 370s for the second 500-day extension.	Rig will enter shipyard for inspections and equipment modifications for approximately 30 days prior to commencing its contract with Lundin for 15 wells estimated to commence operations in the Norwegian sector of the North Sea in Q1 2014.  The Company may substitute a comparable rig depending on availability.
						Mid 350s	November 2016
Rowan Viking	400	35,000	2011	UK N. Sea	Total UK	Low 220s	January 2013		--	--	--	--	35	Two six-month options at mutually agreed rates not to exceed the mid 240s.	Expected 4Q 2013 off rate time for inspections.
EXL
Rowan EXL IV	350	35,000	2011	Malaysia	Carigali Hess	Low 150s	December 2014		--	--	--	--	--
Rowan EXL III	350	35,000	2011	Gulf of Mexico	McMoRan	Low 140s	November 2012		--	--	--	20	--		Expected 3Q 2013 off rate time for inspections.
Rowan EXL II	350	35,000	2011	Trinidad	BP Trinidad	Mid 130s	February 2014		--	--	--	20	--		Expected 3Q 2013 off rate time for inspections.
Rowan EXL I	350	35,000	2010	Indonesia	Hess Indonesia	High 200s	August 2013		21	--	--	--	--	Two 40 day options each in the low 160s.	Rig went on a reduced move rate in the mid 150s in October 2012 and is expected to commence operations in mid November 2012.
240C
Joe Douglas	375	35,000	2012	Gulf of Mexico	BP	Low 150s	January 2013		--	--
					LLOG	Low 160s	April 2013			--	--	--	--		Rig has a verbal commitment from McMoRan for one ultra deep gas well in the Gulf of Mexico (approximately one year) at a mutually agreed day rate.
Ralph Coffman	375	35,000	2009	Egypt	BG Egypt	Mid 210s	September 2014		--	--	--	--	--	270 days in the low 200s.
Rowan-Mississippi	375	35,000	2008	Middle East	Saudi Aramco	Low 200s	June 2014		--	--	--	--	25	One year option in the mid 190s.	Expected 4Q 2013 off rate time for inspections and survey.
225C Tarzan
J.P. Bussell	300	35,000	2008	Vietnam	Petronas Carigali	Mid 120s	November 2012		20	--	--	--	--		Rig is expected to enter the shipyard in Malaysia in early November 2012 for 20 days off rate time for inspections.
Hank Boswell	300	35,000	2006	Middle East	Saudi Aramco	High 120s	May 2014		--	30	75	--	--	One year option at higher than current day rates.	Rig is currently expected to enter the shipyard in March 2013 for customer-required well control equipment upgrades.
Bob Keller	300	35,000	2005	Middle East	Saudi Aramco	High 120s	May 2014		--	30	75	--	--		Rig is currently expected to enter the shipyard in March 2013 for customer-required well control equipment upgrades.
Scooter Yeargain	300	35,000	2004	Middle East	Saudi Aramco	High 120s	August 2014		--	30	105	--	--	One year option at higher than current day rates.	Rig is currently expected to enter the shipyard in March 2013 for customer-required well control equipment and mud pump upgrades.
224C Super Gorilla XL
Bob Palmer	550	35,000	2003	Middle East	Saudi Aramco	Low 270s	June 2014		--	20	--	--	--	One year option at higher than current day rates.	Expected 1Q 2013 off rate time for inspections.
219C Super Gorilla
Rowan Gorilla VII	400	35,000	2002	UK N. Sea	Apache	Mid 250s	March 2015		--	20	90	--	--		Rig is expected to enter the shipyard in late 1Q 2013 for repairs and upgrades.
Rowan Gorilla VI	400	35,000	2000	UK N. Sea	BG	Low 200s	November 2012		20						Expected 4Q 2012 off rate time for inspections.
						Low 220s	August 2013			--	--	35	60		Rig is expected to enter the shipyard in 3Q 2013 for repairs and upgrades.
				Norway	ConocoPhillips	Low 350s	June 2017							Two one year options at higher than current day rates.	Rig is expected to commence operations in early 1Q 2014.
Rowan Gorilla V	400	35,000	1998	UK N. Sea	Total	Mid 200s	June 2013		--	--	--	20	--		Expected 3Q 2013 off rate time for inspections and special survey.
200C Gorilla
Rowan Gorilla IV	450	35,000	1986	Gulf of Mexico	Walter Oil & Gas/LLOG	Mid 160s	October 2013		11	--	--	--	--		Rig commenced operations in mid October 2012.
Rowan Gorilla III	450	30,000	1984	Trinidad	Niko Resources / Bayfield Energy/EOG	Low 130s	May 2013		--	--	--	--	--	Up to a total of seven wells and one recompletion estimated at 10 months cumulative in the low 130s.
Rowan Gorilla II	350	30,000	1984	Malaysia	Petronas Carigali	High 110s	November 2012		--
						Mid 130s	June 2013		--	--	--	--	--
116C
Rowan-California	300	30,000	1983	Middle East	Wintershall	Mid 70s	January 2013		--	75	75	--	--		Rig is expected to enter the shipyard in January 2013 for repairs and upgrades.
Cecil Provine	300	30,000	1982	Gulf of Mexico	Shipyard		November 2012		45						Rig is in the shipyard for repairs and modifications.
					Apache	Mid 70s	January 2013			15					Rig is expected to commence operations mid November 2012.
						Mid 80s	April 2013			--	--	--	--
Gilbert Rowe	350	30,000	1981	Middle East	Shipyard		April 2013		92	90	6				Rig is in the shipyard for repairs, life enhancement and upgrades.
					Saudi Aramco	Low 120s	December 2015				--	--	--	One year option in the low 100s.	Company is subject to a penalty of up to one-half of the day rate for every day beyond December 11, 2012, which is reflected in the indicated day rate.
Arch Rowan	350	30,000	1981	Middle East	Saudi Aramco	Low 80s	November 2014		--	--	--	--	--	One year option at higher than current day rates.
Charles Rowan	350	30,000	1981	Middle East	Saudi Aramco	Low 80s	November 2014		--	25	--	--	--	One year option at higher than current day rates.	Expected late 1Q 2013 off rate time for repairs and inspections.
Rowan-Paris	350	30,000	1980	Middle East	Available
Rowan-Middletown	350	30,000	1980	Middle East	Saudi Aramco	Low 80s	November 2014		--	25	--	--	--	One year option at higher than current day rates.	Expected late 1Q 2013 off rate time for repairs and inspections.
Conventional Jack-ups
116 Slot
Rowan-Juneau	250	30,000	1977	Gulf of Mexico	Available
84 Slot
Rowan-Alaska	350	30,000	1975	Gulf of Mexico	Available
Rowan-Louisiana	350	30,000	1975	Gulf of Mexico	McMoRan	Low 70s	November 2012		--	--	--	--	--

(1) Rig Class denotes Keppel unit design constructed at Keppel FELS shipyard in Singapore for N-Class units. LeTourneau, Inc. hull number. 200-C is a Gorilla class unit designed for extreme hostile environment capability. 219-C is a Super Gorilla class unit, an enhanced version of the Gorilla class, and 224-C is a Super Gorilla XL design. 225-C is a Tarzan Class unit. 240-C is LeTourneau's latest jack-up design. Rowan EXL is an enhanced version of the Super 116E class. (2) Unless otherwise indicated, all day rates include estimated amortization of contract mobilization/modification revenues. (3) Estimated contract durations reflect either stated drilling periods or expected time required for the contracted well or wells. (4) The estimated planned off rate represents those days where a rig will not be available to earn any revenue and includes operational downtime for historical periods and excludes mechanical downtime for forecasted periods.

ROWAN HEREBY ADVISES THAT THE TABLE SET FORTH ABOVE MAY CONTAIN INACCURATE, INCOMPLETE AND/OR INCORRECT INFORMATION AND IS SUBJECT TO CHANGE AT ANY TIME.  THE INFORMATION SHOULD NOT BE RELIED UPON FOR ANY PURPOSE, AND ROWAN HEREBY DISCLAIMS ANY LIABILITY RELATING TO THE USE OF THE INFORMATION SET FORTH ABOVE.

Statements herein that are not historical facts are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs and future expected business, financial performance and prospects of the Company.  These forward-looking statements are based on our current expectations and are subject to certain risks, assumptions, trends and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements.  Among the factors that could cause actual results to differ materially include oil and natural gas prices, the level of offshore expenditures by energy companies, variations in energy demand, changes in day rates, cancellation by our customers of drilling contracts or letter agreements or letters of intent for drilling contracts or the exercise of early termination provisions, risks associated with fixed cost drilling operations, cost overruns or delays on shipyard repair or transportation of rigs, maintenance and repair costs, costs or delays for conversion or upgrade projects, operating hazards and equipment failure, risks of collision and damage, casualty losses and limitations on insurance coverage, customer credit and risk of customer bankruptcy,  conditions in the general economy and energy industry, weather conditions and severe weather in the Company’s operating areas, increasing complexity and costs of compliance with environmental and other laws and regulations, changes in tax laws and interpretations by taxing authorities, civil unrest and instability, terrorism and hostilities in our areas of operations that may result in loss or seizure of assets, the outcome of disputes and legal proceedings, effects of the change in our corporate structure, and other risks disclosed in the Company’s filings with the U.S. Securities and Exchange Commission.  Each forward-looking statement speaks only as of the date hereof, and the Company expressly disclaims any obligation to update or revise any forward-looking statements, except as required by law.